Senate Backs Student-Loan Bill

Measure Would Tie Interest Rates to 10-Year Treasury Yields

WASHINGTON—The Senate ended a lengthy battle over student-loan interest rates, passing a bipartisan measure to revamp how borrowing costs are set for millions of college students.

The bill, which would tie interest rates on federal student loans to the government's borrowing costs, passed the chamber Wednesday evening by a vote of 81 to 18. All but one of the chamber's Republicans voted "yes," while Democrats voted about...